Hidden Benefits to Becoming a CPA
There are many hidden advantages to becoming a CPA. You probably already know about the typical benefits of being a CPA: the great salary; the opportunity to change industries; the ability to start your own CPA firm,, industry recognition, and more. But there are a lot of hidden benefits when you’re a CPA that you may not be aware of.
First, the knowledge you gain as a CPA can prove financially beneficial to you. As a CPA you know how to properly file taxes and you know the latest laws and regulations, allowing you to capitalize on them and save yourself the most amount of money on taxes throughout your life. If you work for a CPA firm or have your own firm and process a large number of tax returns, you see and review so many of them that you know the best way to claim and categorize funds. You can also share your knowledge with your friends and family. Helping them save money will help you earn respect and the potential for future paying clients in the future. Most other professions don’t offer this kind of opportunity.
If you’re interested in volunteering for a community organization or serving on its board of directors, there are lots of opportunities for you. Non-profit organizations are always looking for qualified CPAs to serve on their board. This is a great opportunity to give back to your community using the skills you obtained for your career.
You also have the opportunity to gain knowledge in a new industry without having to change careers. Want to explore the movie industry? You can seek a job as a CPA for a movie or recording studio, or even have a producer or cast member as client. As a CPA, you have the opportunity to explore just about any industry you desire. Additionally, because of the current marketplace demand for CPAs, you can relocate to just about any town in the United States and quickly land a job, and the demand is growing at a steady pace. The Bureau of Labor Statistics announced that they expect a 16% growth in the accounting profession from 2010 through 2020. This means that there will be roughly 200,000 new jobs in the accounting field during that time.
Of course, to become a CPA you need to meet certain requirements, including the proper education and experience to take and pass the CPA Exam, which is considered one of the toughest exams in the world. You can, and probably should, spend more than 400 hours studying for the CPA Exam’s four sections. Most examinees opt to take a CPA review course to assist them with their studying. CPA review courses can prove extraordinarily useful in determining the content you should study on the CPA Exam and in providing test-taking strategies.
Becoming a CPA is not an easy task. But the benefits, both realized and hidden can be a great opportunity to give back to your community, and your friends and family. Of course, if you prefer, it can be a great opportunity to advance your career and have a more contented lifestyle.